Faruqi and Faruqui, LLP Logo
Share this page

Braskem S.A. (BAK)

NYSE:BAK

Summary

Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Braskem S.A. To Contact The Firm

Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Braskem S.A. (“Braskem” or the “Company”) (NYSE:BAK) of the August 31, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.

The lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class consisting of all persons or entities who purchased Braskem securities between June 1, 2010 and March 11, 2015 (the “Class Period”).

The complaint alleges that the Company and its executives violated federal securities laws by failing to disclose that Braskem engaged in a bribery scheme that enabled the Company to purchase raw materials at favorable prices. Specifically, on March 11, 2015, a report published in a São Paulo newspaper, Folha de S. Paolo, accused Braskem of paying at least $5 million annually to Petrobras, Brazil’s semi-public multinational energy corporation, between 2006 and 2012 to acquire crude derivative contracts at cheaper prices. The article quoted testimony made by former Petrobras executive Paulo Roberto Costa and self-confessed money launderer Alberto Youssef.

With this news, Braskem ADRs fell $1.72 per ADR, to close on March 11, 2015 at $6.71 per ADR, a 20% decline during heavy volume intraday trading.

Take Action

If you invested in Braskem stock or options between June 1, 2010 and March 11, 2015 and would like to discuss your legal rights, please fill out the form below. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.  Faruqi & Faruqi, LLP also encourages anyone with information regarding Braskem’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

 

Contact Counsel

Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330

Email:

Case Details

Date:

  • 07/06/2015

Class Period:

  • 06/01/2010 - 03/11/2015

Send Information

If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.